VAT Report

The Vat Report will calculate the figures to use on your VAT return.

To view an organisation's previous VAT Reports, navigate to the Reports tab, and then click the VAT Report link. All previous VAT reports that have been saved in AccountsPortal will be listed; you can view these in more detail by double clicking a row.

 

VAT Overview

 

To create a new VAT report, perform the following steps:

  • Ensure that the organisation's VAT status is correct.
  • Click on the New VAT Report button.

 

VAT Report

 

  • AccountsPortal will automatically enter the Start date and End date. If you have previously completed a VAT return, then the Start date of the new VAT return will be 1 day after the previous return, and the End date will take into account the VAT Reporting Frequency that you have specified in the organisation's VAT status. You can change these dates if needed. Note that you cannot set a Start date or End date to a date earlier than the Conversion Date.
  • Click on the Refresh button.

The report will then calculate the appropriate figures. If you would like to view additional details and how each value is calculated, click the View Underlying Transactions button.

Click the Save button to complete the report and save it for future reference.

 

Validations will now prevent any changes to transactions saved in this report which may impact on the VAT reported. In order to make changes to these transactions you will need to delete the VAT report.

 

Important Note: You must ensure that there is no change in the organisation's VAT status (for example, from standard rate VAT to flat rate VAT, or from the cash to accrual accounting basis) during the VAT reporting period. Any change in VAT status MUST be effected at the start of a VAT period. See the section on Adding a VAT status for more information.

 

Note that EU related transactions are not currently supported in AccountsPortal.